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Wednesday, April 28, 2010

Ho Hup bids to declare pact void

PETALING JAYA: Ho Hup Construction Co Bhd’s board of directors has filed a suit in the Kuala Lumpur High Court in respect of the joint-development agreement entered into between its 70%-owned subsidiary, Bukit Jalil Development Sdn Bhd, and property developer Malton Bhd’s Pioneer Haven Sdn Bhd on March 17.

The board said in an announcement to Bursa Malaysia yesterday that the suit sought the High Court to declare that the agreement, power of attorney and endorsement and undertaking by Bukit Jalil Development was void.

It added that Pioneer Haven had “to account for all benefit in any form received or accrued by reason of or otherwise arising from the agreement, power of attorney or the endorsement and undertaking” and to pay or otherwise deliver all benefits within 14 days of the order.

The board also sought to have the caveat lodged by Pioneer Haven on the land expunged or removed.

In addition, It was also seeking damages from the company’s former deputy executive chairman, Datuk Vincent Lye, former group managing director Lim Ching Choy and other former members of the board as well as Pioneer Haven.

The agreement involved the 60 acres of freehold land that Ho Hup’s subsidiary, Bukit Jalil Development, still held.

By The Star

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